Easterton Farm Park Limited Filleted accounts for Companies House (small and micro)

EASTERTON FARM PARK LTD - Company Information

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COMPANY REGISTRATION NUMBER: SC584484

Easterton Farm Park Limited

Filleted Unaudited Financial Statements

31 December 2019

Easterton Farm Park Limited

Statement of Financial Position

31 December 2019

	2019	2018
Note	£	£

Fixed assets

Tangible assets	5	683,577	491,763

Current assets

Stocks		32,000	32,000
Debtors	6	1,579	28,574
Cash at bank and in hand		46,603	11,403
		--------	--------
		80,182	71,977

Creditors: amounts falling due within one year	7	114,774	71,455
		---------	--------
Net current (liabilities)/assets		( 34,592)	522
		---------	---------
Total assets less current liabilities		648,985	492,285

Creditors: amounts falling due after more than one year	8	634,240	514,000
		---------	---------
Net assets/(liabilities)		14,745	( 21,715)
		---------	---------

Capital and reserves

Called up share capital	6,400	6,400
Profit and loss account	8,345	( 28,115)
	--------	--------
Shareholders funds/(deficit)	14,745	( 21,715)
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Easterton Farm Park Limited

Statement of Financial Position (continued)

31 December 2019

These financial statements were approved by the board of directors and authorised for issue on 19 May 2020 , and are signed on behalf of the board by:

C Hart

Director

Company registration number: SC584484

Easterton Farm Park Limited

Notes to the Financial Statements

Year ended 31 December 2019

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Low Craigton Farm, Milngavie, Glasgow, G62 7HF, Scotland.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	5% reducing balance
Fixtures and fittings	-	10% straight line
Motor vehicles	-	20% reducing balance
Equipment	-	10% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are valued at the lower of cost and net realisable value, and represent horses and related horse riding accessories for the provision of horse riding lessons.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 9 (2018: 10 ).

5. Tangible assets

	Freehold property	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 January 2019	456,875	25,269	12,000	13,595	507,739
Additions	163,246	16,420	700	41,880	222,246
Disposals	–	–	–	( 6,000)	( 6,000)
	---------	--------	--------	--------	---------
At 31 December 2019	620,121	41,689	12,700	49,475	723,985
	---------	--------	--------	--------	---------
Depreciation
At 1 January 2019	9,689	2,527	2,400	1,360	15,976
Charge for the year	13,856	4,169	2,060	4,947	25,032
Disposals	–	–	–	( 600)	( 600)
	---------	--------	--------	--------	---------
At 31 December 2019	23,545	6,696	4,460	5,707	40,408
	---------	--------	--------	--------	---------
Carrying amount
At 31 December 2019	596,576	34,993	8,240	43,768	683,577
	---------	--------	--------	--------	---------
At 31 December 2018	447,186	22,742	9,600	12,235	491,763
	---------	--------	--------	--------	---------

6. Debtors

	2019	2018
	£	£
Trade debtors	1,579	399
Other debtors	–	28,175
	-------	--------
	1,579	28,574
	-------	--------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	5,621	780
Social security and other taxes	11,360	1,060
Other creditors	97,793	69,615
	---------	--------
	114,774	71,455
	---------	--------

8. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Other creditors	634,240	514,000
	---------	---------

9. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2019
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
C Hart	( 63,610)	( 25,000)	( 88,610)
I H Hart	( 514,000)	( 120,240)	( 634,240)
	---------	---------	---------
	( 577,610)	( 145,240)	( 722,850)
	---------	---------	---------

	2018
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
C Hart	–	( 63,610)	( 63,610)
I H Hart	–	( 514,000)	( 514,000)
	----	---------	---------
	–	( 577,610)	( 577,610)
	----	---------	---------

10. Related party transactions

During the year the Directors were paid aggregate salaries of £ 28,500 (2018: £ 16,333 ) and aggregate pension contributions of £ 617 (2018: £ 146 ).